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News Focus - PXRE's troubles deepen.
(From Reinsurance)
PXRE has reported a net loss of $446.5m for the fourth quarter of 2005, which was substantially down on the $32.8m it made in the fourth quarter of 2004. The net loss in the fourth quarter of 2005 principally reflects losses from Hurricane Wilma and increased estimates of losses from hurricanes Katrina and Rita. The company's shareholders' equity was $465.3m as of 31 December 2005.
The loss was announced a week after PXRE stated it would be increasing its estimates of the net pre-tax impact of hurricanes Katrina, Rita and Wilma by between $281-$311m for the year ended 31 December 2005, compared to its previous estimates of $462-$477m, immediately provoking a downgrade from 'A' to 'B++' by AM Best.
After the new estimates were announced, PXRE's share price fell sharply from just under $12 a share to just under $5. AM Best greeted the results with a fresh downgrade to 'B+'
Jeffrey Radke, president and chief executive officer of PXRE Group, commented, "As we indicated last week, our fourth-quarter ...
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